Piper Jaffray Reiterates Overweight Rating and PT on Johnson Controls

According to a recent report from Piper Jaffray, China has created a policy that will provide an incentive for car-buyers to purchase energy efficient cars. When the policy comes into effect, it will leave Johnson Controls (NYSE: JCI) in a positive position to capitalize on the incentive. Due to this new policy, Piper Jaffray's reiterates an Overweight rating and $50.00 price target on JCI.

In the report, Piper Jaffray said, "While start/stop batteries were not called out specifically, we believe they will play an important role in meeting these emission reduction targets as they require far less infrastructure and upfront cost compared to hybrid & all-electric vehicles."

JCI closed yesterday at $37.43.